<\/p>\n
Net interest income up 2% to S$2.43 billion in forecast-beating performance.<\/p>\n
OCBC\u2019s net profit for the second quarter ended June rose 14 per cent to S$1.94 billion, from S$1.71 billion in the previous corresponding period.<\/p>\n
The bank said this was underpinned by income growth and a decline in allowances.<\/p>\n
Total income rose 5 per cent on the year to S$3.63 billion from S$3.46 billion, with net interest income inching up 2 per cent to S$2.43 billion, from S$2.39 billion previously.<\/p>\n
The slightly-higher net interest income was led by a 5 per cent increase in average assets, and partially offset by a six basis point (bps) drop in net interest margin to 2.2 per cent.<\/p>\n
Non-interest income grew 13 percent to S$1.2 billion, mainly from higher fee, trading and insurance income growth.<\/p>\n
Total allowances fell 43 per cent on the year to S$144 million from S$252 million, as a result of a decline in allowances for non-impaired assets.<\/p>\n
Operating expenses rose 3 per cent to S$1.37 billion, driven mainly by higher staff and information technology-related costs. Cost-to-income ratio was lower at 37.8 per cent; this was 0.7 percentage point lower than the 38.5 per cent in Q2 FY2023.<\/p>\n
Credit costs for the quarter stood at 15 bps, 6 bps lower than in Q2 FY2023, and one bps lower than in Q1 FY2024.<\/p>\n
Annualised return on equity rose 0.7 percentage point to 14.2 per cent for the quarter, from 13.5 per cent in the prior year.<\/p>\n
For the first half of the year, net profit rose 9 per cent year on year to S$3.93 billion. Meanwhile, total income was 7 per cent higher at S$7.26 billion, from S$6.81 billion.<\/p>\n
The lender said this came on the back of strong contributions from the banking, wealth management and insurance franchise.<\/p>\n
As at end-June, customer loans grew 3 per cent on a constant currency basis to S$304 billion from S$297 billion in the previous corresponding period, driven mainly by non-trade corporate and housing loans.<\/p>\n
The loans-to-deposits ratio stood at 81.1 per cent, higher than 78.8 per cent in the previous year.<\/p>\n
<\/p>","protected":false},"excerpt":{"rendered":"
Net interest income up 2% to S$2.43 billion in forecast-beating performance. OCBC\u2019s net profit for the second quarter ended June rose 14 per cent to S$1.94 billion, from S$1.71 billion in the previous corresponding period. The bank said this was underpinned by income growth and a decline in allowances. Total income rose 5 per cent […]<\/p>\n","protected":false},"author":1,"featured_media":2259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/08\/OCBC-99-1140x445.jpeg",1140,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/08\/OCBC-99-463x348.jpeg",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/08\/OCBC-99-300x225.jpeg",300,225,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/08\/OCBC-99-scaled.jpeg",2560,1920,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=2258"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2258\/revisions"}],"predecessor-version":[{"id":2260,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2258\/revisions\/2260"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/2259"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=2258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=2258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=2258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}